Patriot National announces departure of CEO David Lowery
CEO Departure and Transition: Patriot National Bancorp announced the departure of CEO David Lowery, with President Steven Sugarman set to take over under a long-term employment agreement. Lowery will remain until April 15 for a smooth transition.
Background of New Leadership: Steven Sugarman has an extensive background in banking, having previously founded and led multiple financial institutions, including Banc of California and COR Clearing.
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Patriot National Bancorp raises $10M in direct stock offering
Recent Offering: Patriot National Bancorp completed a registered direct offering of approximately 8.52 million shares at $1.25 per share, raising about $10.65 million in gross proceeds.
Stock Performance: Following the offering, the company's stock price increased by 3.3% during after-market trading hours.
Patriot National Bancorp Announces Completion of $10M Registered Direct Offering
Successful Stock Offering: Patriot National Bancorp, Inc. has completed a registered direct offering of 8,524,160 shares of common stock at $1.25 per share, raising gross proceeds of $10,655,200, following a previous private placement that raised over $50 million.
Strengthened Capital Base: The company's president expressed confidence in the strong investor interest and noted that the successful offering enhances the bank's capital base, positioning it to better serve clients and achieve strategic objectives.
